4:58pm ET
The Walt Disney Company says they've received better-than-expected profits and revenue upon the release of their third quarterly report. Thier studio unit has a big hand in recent success-- fueling a nearly 40% jump in revenue.
With that recent success comes another transaction for the company. DIS.N says they're now acquiring a 33% stake in BAMTech, a video-streaming company originally created by Major League Baseball. Disney is putting $1B dollars into the network as they look to become majority owners.
Networks
In this quarterly review(concluded on Jul 2), Disney's cable networks went up 1.4% to $4.20B. Despite both Disney and ESPN losing subscribers, they say affiliate's advertisements have contributed to recent growth. Disney is the parent company of many networks like: ESPN, ABC, Freeform, Disney Jr., Disney Channel, etc.
Feature Films Switching gears from streaming to cinemas now, Disney Studio Entertainment helped the 39.6% increase with a slew of successful movies: The Jungle Book, Marvel's Captain America: Civil War, Pixar's Finding Dory, and Walt Disney Animation Studios' original blockbuster Zootopia. Parks & Resorts
Crowds may seem low at Walt Disney World right now, but revenue is actually up. In the third fiscal quarter, parks & resorts posted a 6% increase and earnings totaled out to more than $4.35B. To put this in perspective, Disney earned $2.48B at this points last year. Many new experiences and expansions are believed to be the reason behind guests spending a lot of money on property--- typical competition price inflation also comes into play.
A few new experiences helping bring in more money include:
What's Happening Now?
(Reuters): Disney's shares were down marginally at $96 in extended trading on Tuesday.
*Picture Courtesy (CEO Bob Iger and Mickey: Getty Images